Patriots stadium bonds rated AA-

Fitch IBCA rated "AA-" $70 million of municipal
bonds that will pay for infrastructure needed for the New England Patriots'
new stadium.

The Patriots will pay for the full cost of the $225 million stadium,
with the state paying the $70 million for infrastructure needs such
as roads and sewers.

The bonds are backed by the commonwealth of Massachusetts and not by
sports-related revenue. As a result, the bonds are rated much higher
than debt that is backed by sports revenue like sponsorships and TV
fees.

Consequently, the rating is the same as that accorded to the commonwealth's
own general obligation bonds, according to Fitch.